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Signature
___________________
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___________________
Date
Table of Contents
Table of Contents
.....................................................................................................................................................................19
7.5 Projected Balance Sheet........................................................................................................................20
Table: Balance Sheet...............................................................................................................................20
7.6 Business Ratios.....................................................................................................................................20
Table: Ratios...........................................................................................................................................21
Table: Sales Forecast.........................................................................................................................................1
...........................................................................................................................................................................1
Table: Personnel................................................................................................................................................2
...........................................................................................................................................................................2
Table: General Assumptions.............................................................................................................................3
...........................................................................................................................................................................3
Table: Profit and Loss.......................................................................................................................................4
...........................................................................................................................................................................4
Table: Cash Flow..............................................................................................................................................5
...........................................................................................................................................................................6
Table: Balance Sheet.........................................................................................................................................7
Page 2
The Market
The retirement industry has been steadily growing over the past ten years. The percentage of
the Indian population over the age of 55 is at an all time high of 15% and is growing at an
average rate of 2% each year. This percentage is also expected to grow as the first of the
"baby boomer" generation begins to reach retirement age in the next decade. It is estimated by
the Indian Census Bureau that the retirement industry, that includes homes, medical facilities,
specialty equipment, retirement entertainment services, etc., accounts for 4.8 billion dollars
each year.
Financial Considerations
Start-up expenses and funding required are modest. They include expenses and the rest in cash
needed to support operations until revenues reach an acceptable level. Most of the company's
liabilities will come from outside private investors and management investment, however, we
will have current borrowing from Bank of India Investments, the principal to be paid off in two
years. A long-term loan through State Bank of India will be paid off in ten years.
Page 1
The company expects to reach profitability in the first year and does not anticipate any serious
cash flow problems. We conservatively believe that during the first three years, average
profitability per month per segment will be adequate. We expect that about one sale per month
will guarantee a break-even point.
1.1 Mission
It is the mission of GVRE to provide real estate services in the newly established Golden Valley
retirement community, located in Gurgaon. GVRE is a full service real estate, mortgage, and
title company.
Chart: Highlights
Highlights
$200,000
$180,000
$160,000
$140,000
Sales
$120,000
Gross Margin
$100,000
Net Profit
$80,000
$60,000
$40,000
$20,000
$0
Year 1
Year 2
Year 3
Establish and maintain close contacts with residential real estate listing services, and all
other service organizations that GVRE uses.
Keeping close contact with clients and establishing a well functioning long-term relationship
with them to generate repeat business and obtain a top notch reputation.
Establish a comprehensive service experience for our clients that includes consultation,
appraisal, sale preparation, community information, moving consultation, etc.
1.3 Objectives
The three year goals for Golden Valley Real Estate (GVRE) are the following:
Page 2
Page 3
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Insurance
Utilities
Rent
Accounting and bookkeeping fees
Expensed equipment
Advertising
Other
Total Start-up Expenses
$800
$1,500
$200
$3,000
$2,000
$8,000
$6,500
$8,000
$30,000
Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets
$44,500
$3,500
$5,000
$53,000
Total Requirements
$83,000
Page 4
$30,000
$53,000
$83,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets
$8,500
$44,500
$0
$44,500
$53,000
$15,000
$45,000
$3,000
$0
$63,000
Capital
Planned Investment
Mrs Susan Egan
Mr. Daniel Egan
Additional Investment Requirement
Total Planned Investment
Loss at Start-up (Start-up Expenses)
Total Capital
$10,000
$10,000
$0
$20,000
($30,000)
($10,000)
$53,000
Total Funding
$83,000
Page 5
Chart: Start-up
Start-up
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
Expenses
Assets
Investment
Loans
3.0 Services
GVRE offers comprehensive real estate, mortgage, and title services to our diverse clients. With
Indraprasth Realtors as our sponsor in the Golden Valley Retirement Community, we will have a
premier position as the dominant seller of these new homes, condos, and retirement
apartments. In addition we will offer a full range of services to facilitate the purchasing and
selling of real estate including the following:
Much of the company's services will be outsourced. This includes title transfer, loan approval,
appraising and market analysis services. Title transfer will be handled by TNT Legal Services,
loan approval by GMC Credit Co. and appraising and market analysis by Templar Real Estate
Services. Each of these companies encourage independent agents to use their services and all
have a proven track record in terms of affordability and service. These companies have also
been selected because they charge a flat monthly rate and have a high degree of success in the
US. Management includes this rate in the profit and loss statement under other expenses.
Our first priority is to help the seller set a realistic price on their property. But like most of us
who have invested untold hours of time and energy into our property it may be difficult to
remain objective when it's time to price it and put it up for resale. There's a good reason for
this. Usually property owners have much more than money tied up in a home - an individual
Page 6
commitment that makes it a highly valued personal statement. But value becomes a reflection
of the buyer's perspective as well when that property is put up for sale...and pride of ownership
may not translate to market value.
When house hunting, the buyer will shop the market, compare available homes, and try to find
the very best value. Consequently, when the seller is ready to list their home, they need to step
back and sharpen their focus. Look at the home objectively and price it competitively. This is
where a real estate broker such as Golden Valley Real Estate can help.
Listing property at 5% above current market value gives it a sales advantage that is ten times
greater than if priced at 15-20% above. That's a statistic that can't be overlooked. An
overpriced home will suffer from lack of exposure, and the longer it remains on the market the
more difficult it will be to sell. And it will remain so, even after price reductions are taken to
attract buyers.
That is why it is very important to determine an accurate and objective market value for your
property. We'll work with the buyers and sellers closely to achieve that, and to maximize their
opportunities to sell their home at the best possible price within acceptable time frames.
Page 7
Year 2
Year 3
Year 4
Year 5
Growth
CAGR
8%
24,000
25,920
27,994
30,234
32,653
8.00%
0%
7.71%
1,000
25,000
1,000
26,920
1,000
28,994
1,000
31,234
1,000
33,653
0.00%
7.71%
Page 8
Potential retirees
Other
Page 9
Page 10
Sales Monthly
$14,000
$12,000
$10,000
$8,000
Others
$6,000
$4,000
$2,000
Month 12
Month 11
Month 10
Month 9
Month 8
Month 7
Month 6
Month 5
Month 4
Month 3
Month 2
Month 1
$0
Sales by Year
$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
Others
$80,000
$60,000
$40,000
$20,000
$0
Year 1
Year 2
Year 3
Sales Forecast
Year 1
Year 2
Year 3
Page 11
Sales
Retired couples relocating to Tucson
Others
Total Sales
Direct Cost of Sales
Row 1
Other
Subtotal Direct Cost of Sales
$109,800
$8,000
$117,800
$150,000
$10,000
$160,000
$185,000
$10,000
$195,000
Year 1
$0
$0
$0
Year 2
$0
$0
$0
Year 3
$0
$0
$0
Personnel Plan
Year 1
Year 2
Year 3
$36,000
$10,500
2
$36,000
$13,000
2
$45,000
$13,000
2
Total Payroll
$46,500
$49,000
$58,000
Page 12
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Year 1
Year 2
Year 3
1
10.00%
10.00%
30.00%
0
2
10.00%
10.00%
30.00%
0
3
10.00%
10.00%
30.00%
0
Page 13
Break-even Analysis
Monthly Revenue Break-even
$8,198
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
0%
$8,198
Break-even Analysis
$2,000
$0
($2,000)
($4,000)
($6,000)
($8,000)
$0
$2,000
$1,000
$4,000
$3,000
$6,000
$5,000
$8,000
$7,000
$9,000
$10,000
$11,000
Page 14
Profit Monthly
$4,000
$3,000
$2,000
$1,000
$0
($1,000)
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10
Month 12
Page 15
Profit Yearly
$50,000
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Year 1
Year 2
Year 3
Page 16
$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Year 1
Year 2
Year 3
Year 2
Year 3
Sales
Direct Cost of Sales
Other Costs of Sales
Total Cost of Sales
$117,800
$0
$0
$0
$160,000
$0
$0
$0
$195,000
$0
$0
$0
Gross Margin
Gross Margin %
$117,800
100.00%
$160,000
100.00%
$195,000
100.00%
Payroll
Sales and Marketing and Other Expenses
Depreciation
Rent
Utilities
Insurance
Payroll Taxes
Travel
Other
$46,500
$6,000
$0
$18,000
$3,400
$1,100
$6,975
$2,000
$14,400
$49,000
$6,000
$2,500
$18,000
$3,600
$2,000
$7,350
$3,000
$16,000
$58,000
$8,000
$2,500
$20,000
$4,000
$2,000
$8,700
$5,000
$17,000
$98,375
$107,450
$125,200
$19,425
$19,425
$5,805
$4,086
$52,550
$55,050
$5,090
$14,238
$69,800
$72,300
$3,940
$19,758
$9,534
8.09%
$33,222
20.76%
$46,102
23.64%
Expenses
Net Profit
Net Profit/Sales
Page 17
Chart: Cash
Cash
$40,000
$35,000
$30,000
$25,000
$20,000
Cash Balance
$15,000
$10,000
$5,000
$0
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10 Month 12
Page 18
Year 2
Year 3
$100,130
$14,899
$115,029
$136,000
$23,007
$159,007
$165,750
$28,427
$194,177
$0
$0
$0
$0
$0
$0
$3,000
$118,029
$0
$2,000
$2,000
$0
$0
$0
$0
$163,007
$0
$2,000
$2,000
$0
$0
$0
$0
$198,177
Year 1
Year 2
Year 3
$46,500
$60,318
$106,818
$49,000
$73,539
$122,539
$58,000
$87,320
$145,320
$0
$0
$0
$3,600
$5,000
$7,500
$1,000
$123,918
$0
$8,000
$0
$5,000
$0
$5,000
$2,000
$142,539
$0
$7,000
$0
$7,000
$0
$5,000
$6,000
$170,320
($5,889)
$38,611
$20,468
$59,080
$27,857
$86,937
Cash Received
Cash from Operations
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance
Page 19
Year 2
Year 3
$38,611
$2,771
$8,500
$49,882
$59,080
$3,764
$8,500
$71,343
$86,937
$4,587
$8,500
$100,024
$12,500
$0
$12,500
$62,382
$17,500
$2,500
$15,000
$86,343
$22,500
$5,000
$17,500
$117,524
Year 1
Year 2
Year 3
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$4,448
$15,000
$0
$19,448
$6,187
$9,000
$2,000
$17,187
$7,266
$4,000
$4,000
$15,266
Long-term Liabilities
Total Liabilities
$41,400
$60,848
$36,400
$53,587
$29,400
$44,666
$23,000
($31,000)
$9,534
$1,534
$62,382
$23,000
($23,466)
$33,222
$32,756
$86,343
$23,000
$3,756
$46,102
$72,858
$117,524
$1,534
$32,756
$72,858
Assets
Current Assets
Cash
Accounts Receivable
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 20
Table: Ratios
Ratio Analysis
Year 1
Year 2
Year 3
Industry Profile
n.a.
35.82%
21.88%
5.63%
Accounts Receivable
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
4.44%
13.63%
79.96%
20.04%
100.00%
4.36%
9.84%
82.63%
17.37%
100.00%
3.90%
7.23%
85.11%
14.89%
100.00%
7.77%
56.54%
65.03%
34.97%
100.00%
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
31.18%
66.37%
97.54%
2.46%
19.91%
42.16%
62.06%
37.94%
12.99%
25.02%
38.01%
61.99%
14.92%
26.55%
41.47%
58.53%
100.00%
100.00%
91.91%
0.00%
16.49%
100.00%
100.00%
79.24%
0.00%
32.84%
100.00%
100.00%
76.36%
0.00%
35.79%
100.00%
100.00%
61.47%
2.83%
9.09%
2.56
2.56
97.54%
887.87%
21.83%
4.15
4.15
62.06%
144.89%
54.97%
6.55
6.55
38.01%
90.40%
56.04%
1.93
1.10
4.56%
55.36%
10.22%
Sales Growth
Percent of Total Assets
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios
Year 1
Year 2
Year 3
8.09%
621.51%
20.76%
101.42%
23.64%
63.28%
n.a
n.a
6.38
58
13.89
29
1.89
6.38
50
12.17
26
1.85
6.38
52
12.17
28
1.66
n.a
n.a
n.a
n.a
n.a
39.67
0.32
1.64
0.32
0.61
0.34
n.a
n.a
$30,434
3.35
$54,156
10.32
$84,758
17.72
n.a
n.a
0.53
31%
2.42
76.79
0.10
0.54
20%
3.93
4.88
0.06
0.60
13%
6.25
2.68
0.13
n.a
n.a
n.a
n.a
n.a
Activity Ratios
Accounts Receivable Turnover
Collection Days
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 21
Appendix
Table: Sales Forecast
Sales Forecast
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Sales
Retired couples relocating to
Tucson
Others
Total Sales
Direct Cost of Sales
0%
$5,000
$10,000
$5,000
$12,000
$7,000
$12,000
$5,000
$15,000
$12,000
$10,000
$7,800
$9,000
0%
$0
$5,000
$0
$10,000
$0
$5,000
$0
$12,000
$0
$7,000
$0
$12,000
$3,000
$8,000
$0
$15,000
$3,000
$15,000
$0
$10,000
$2,000
$9,800
$0
$9,000
Month 10
Month 11
Month 12
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Row 1
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Other
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Page 1
Appendix
Table: Personnel
Personnel Plan
Mrs. Susan Egan
Part-time receptionist
Total People
Total Payroll
0%
0%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$3,000
$0
1
$3,000
$0
1
$3,000
$0
1
$3,000
$0
1
$3,000
$0
1
$3,000
$1,500
2
$3,000
$1,500
2
$3,000
$1,500
2
$3,000
$1,500
2
$3,000
$1,500
2
$3,000
$1,500
2
$3,000
$1,500
2
$3,000
$3,000
$3,000
$3,000
$3,000
$4,500
$4,500
$4,500
$4,500
$4,500
$4,500
$4,500
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
10
11
Month 12
12
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Long-term Interest
Rate
Tax Rate
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
Other
Page 3
Appendix
Table: Profit and Loss
Month 10
Month 11
Month 12
$5,000
$10,000
$5,000
$12,000
$7,000
$12,000
$8,000
$15,000
$15,000
$10,000
$9,800
$9,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales
Gross Margin
Gross Margin %
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
$5,000
$10,000
$5,000
$12,000
$7,000
$12,000
$8,000
$15,000
$15,000
$10,000
$9,800
$9,000
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
$3,000
$3,000
$3,000
$3,000
$3,000
$4,500
$4,500
$4,500
$4,500
$4,500
$4,500
$4,500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
Expenses
Payroll
Sales and Marketing and
Other Expenses
Depreciation
Rent
Utilities
Insurance
Payroll Taxes
Travel
Other
Total Operating
Expenses
Profit Before Interest and
Taxes
EBITDA
Interest Expense
Taxes Incurred
15%
15%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$100
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$0
$0
$0
$0
$0
$1,100
$0
$0
$0
$0
$0
$0
$450
$0
$1,200
$450
$0
$1,200
$450
$0
$1,200
$450
$1,000
$1,200
$450
$0
$1,200
$675
$0
$1,200
$675
$0
$1,200
$675
$1,000
$1,200
$675
$0
$1,200
$675
$0
$1,200
$675
$0
$1,200
$675
$0
$1,200
$6,750
$6,950
$6,950
$7,950
$6,950
$9,775
$8,675
$9,675
$8,675
$8,675
$8,675
$8,675
($1,750)
$3,050
($1,950)
$4,050
$50
$2,225
($675)
$5,325
$6,325
$1,325
$1,125
$325
($1,750)
$3,050
($1,950)
$4,050
$50
$2,225
($675)
$5,325
$6,325
$1,325
$1,125
$325
$490
$488
$485
$483
$480
$478
$475
$473
$470
($131)
$522
($347)
$1,454
$1,754
$255
$196
($44)
$498
$495
$493
($674)
$767
($733)
$1,068
Net Profit
($1,573)
$1,789
($1,710)
$2,492
Net Profit/Sales
-31.47%
17.89%
-34.20%
20.77%
($306)
-4.38%
$1,218
10.15%
($810)
-10.13%
$3,392
$4,093
$595
$457
22.61%
27.29%
5.95%
4.66%
($102)
-1.13%
Page 4
Appendix
Table: Cash Flow
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
$4,250
$8,500
$4,250
$10,200
$5,950
$10,200
$6,800
$12,750
$0
$25
$775
$1,475
$785
$1,775
$1,075
$1,780
$4,250
$8,525
$5,025
$11,675
$6,735
$11,975
$7,875
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4,250
$8,525
$5,025
Expenditures
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Cash Spending
$3,000
$3,000
$3,000
$3,000
$3,000
$4,500
$4,500
Bill Payments
$3,119
$3,628
$5,161
$3,803
$6,435
$4,372
$6,216
$6,119
$6,628
$8,161
$6,803
$9,435
$8,872
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$300
$300
$300
Month 9
Month 10
Month 11
Month 12
$12,750
$8,500
$8,330
$7,650
$1,235
$2,250
$2,225
$1,499
$14,530
$13,985
$10,750
$10,555
$9,149
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,500
$1,500
$0
$0
$0
$0
$11,675
$6,735
$11,975
$9,375
$16,030
$13,985
$10,750
$10,555
$9,149
Month 9
Month 10
Month 11
Month 12
$4,500
$4,500
$4,500
$4,500
$4,500
$4,404
$7,085
$6,357
$4,903
$4,835
$10,716
$8,904
$11,585
$10,857
$9,403
$9,335
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$300
$300
$300
$300
$300
$300
$300
$300
$300
$0
Cash Received
Cash from Operations
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
0.00%
$0
$0
$0
$2,000
$0
$1,000
$0
$2,000
$0
$0
$0
$0
$1,500
$0
$2,000
$0
$2,000
$0
$2,000
$0
$0
$0
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,000
$6,419
$8,428
$8,461
$11,103
$9,735
$12,172
$11,016
$13,204
$11,885
$11,157
$9,703
$10,635
Page 5
Appendix
Net Cash Flow
($2,169)
Cash Balance
$42,331
$97
$42,428
($3,436)
$38,992
$572
$39,564
($3,000)
$36,564
($197)
$36,367
($1,641)
$34,726
$2,826
$2,100
$37,552
$39,652
($407)
$39,245
$852
($1,486)
$40,097
$38,611
Page 6
Appendix
Table: Balance Sheet
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Starting
Balances
Current Assets
Cash
Accounts Receivable
Other Current Assets
Total Current Assets
$44,500
$0
$3,500
$48,000
$42,331
$750
$3,500
$46,581
$42,428
$2,225
$3,500
$48,153
$38,992
$2,200
$3,500
$44,692
$39,564
$2,525
$5,500
$47,589
$36,564
$2,790
$5,500
$44,854
$36,367
$2,815
$6,500
$45,682
$34,726
$2,940
$6,500
$44,166
$37,552
$3,410
$8,500
$49,462
$39,652
$4,425
$8,500
$52,577
$39,245
$3,675
$8,500
$51,420
$40,097
$2,920
$8,500
$51,517
$38,611
$2,771
$8,500
$49,882
$5,000
$0
$5,000
$53,000
$5,000
$0
$5,000
$51,581
$6,500
$0
$6,500
$54,653
$6,500
$0
$6,500
$51,192
$8,500
$0
$8,500
$56,089
$8,500
$0
$8,500
$53,354
$10,500
$0
$10,500
$56,182
$10,500
$0
$10,500
$54,666
$12,500
$0
$12,500
$61,962
$12,500
$0
$12,500
$65,077
$12,500
$0
$12,500
$63,920
$12,500
$0
$12,500
$64,017
$12,500
$0
$12,500
$62,382
Month 10
Month 11
Month 12
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$3,000
$15,000
$0
$18,000
$3,454
$15,000
$0
$18,454
$5,038
$15,000
$0
$20,038
$3,586
$15,000
$0
$18,586
$6,291
$15,000
$0
$21,291
$4,163
$15,000
$0
$19,163
$6,073
$15,000
$0
$21,073
$4,167
$15,000
$0
$19,167
$6,872
$15,000
$0
$21,872
$6,193
$15,000
$0
$21,193
$4,741
$15,000
$0
$19,741
$4,682
$15,000
$0
$19,682
$4,448
$15,000
$0
$19,448
Long-term Liabilities
Total Liabilities
$45,000
$63,000
$44,700
$63,154
$44,400
$64,438
$44,100
$62,686
$43,800
$65,091
$43,500
$62,663
$43,200
$64,273
$42,900
$62,067
$42,600
$64,472
$42,300
$63,493
$42,000
$61,742
$41,700
$61,382
$41,400
$60,848
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$20,000
($30,000)
$0
($10,000)
$53,000
$20,000
($30,000)
($1,573)
($11,573)
$51,581
$20,000
($30,000)
$215
($9,785)
$54,653
$20,000
($30,000)
($1,495)
($11,495)
$51,192
$20,000
($30,000)
$998
($9,003)
$56,089
$20,000
($30,000)
$691
($9,309)
$53,354
$20,000
($30,000)
$1,909
($8,091)
$56,182
$21,500
($30,000)
$1,099
($7,401)
$54,666
$23,000
($30,000)
$4,491
($2,510)
$61,962
$23,000
($30,000)
$8,584
$1,584
$65,077
$23,000
($30,000)
$9,179
$2,179
$63,920
$23,000
($30,000)
$9,636
$2,636
$64,017
$23,000
($31,000)
$9,534
$1,534
$62,382
Net Worth
($10,000)
($11,573)
($9,785)
($11,495)
($9,003)
($9,309)
($8,091)
($7,401)
($2,510)
$1,584
$2,179
$2,635
$1,534
Page 7